Council of the EU agrees to adopt new withholding tax procedures
The Council of the European Union agreed to adopt new regulations for withholding tax procedures under the Council Directive on Faster and Safer Relief of Excess Withholding Taxes (FASTER) on Tuesday, 14 May 2024. Due to the changes the Council
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Finland: Belarus’ suspension will have no impact on tax treaty
Finland's Ministry of Finance released Notification 48/2024 concerning the ongoing enforcement of the 2007 tax treaty with Belarus on Monday, 13 May, 2024. Belarus has ceased the application of Articles 10, 11, and 13 from 1 June, 2024, to 31
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Estonia aligns tax laws with EU directives
Estonia, on 2 May, 2024, unveiled a new Act in their official gazette. The Act supplements existing tax legislation, including the Tax Information Exchange Act, the Taxation Act, and the Income Tax Act, to align with European Union
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Belgium passes global minimum tax law amendments
The Belgian Chamber of Representatives, on 2 May, 2024, passed the law on various tax provisions including initiatives for reforming investment deductions. Other notable measures include provisions concerning the Pillar Two Global Minimum Tax and
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Colombia clarifies tax obligations for non-resident filers
The Colombian tax authority (DIAN) on 30 April, 2024, released Ruling 305, which tackles various inquiries related to the new regulations affecting non-residents with a Significant Economic Presence (SEP) in Colombia. Key points Ruling 305
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Austria proposes tax breaks for startups and SMEs
The Ministry of Finance has released the draft Tax Amendment Act 2024 for public feedback. This proposed legislation seeks to modify Austrian tax laws to comply with EU standards while offering assistance to small and medium-sized enterprises and
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India: Access to foreign booking systems by domestic entities does not establish a taxable presence
The Delhi Bench of India's Income-tax Appellate Tribunal (ITAT) on 9 February, 2024, delivered a landmark decision asserting that granting domestic travel agents access to a computer reservation system located abroad does not establish a fixed place
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India: Tribunal rules zero CoA of bonus shares for capital gain
The Bangalore bench of the Tribunal recently made a significant ruling regarding the computation of capital gains for taxpayers; the Cost of Acquisition (CoA) of bonus shares, for the purpose of calculating capital gains, is zero. This decision
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Bangladesh: NBR conditionally reduces corporate tax
In a strategic move aimed at fostering economic growth while maintaining fiscal prudence, the National Board of Revenue (NBR) has announced a targeted reduction in corporate tax rates. This reduction comes with stringent conditions, reflecting a
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Taiwan announces tax relief for Hualien businesses affected by earthquake
The National Taxation Bureau of the Northern Area has announced proactive measures to support businesses affected by the 3 April, 2024, Hualien earthquake. In response to the significant impact on tourism-related industries and operational
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Argentina imposes 17.5% foreign currency tax on foreign profits and dividends
AFIP has previously also declared that it had increased the tax on foreign currency purchases (PAIS tax) from 7.5% to 17.5% on 13 December, 2023. The Argentine Tax Authority (AFIP) announced on Friday, 10 May, 2024, in a release the issuance of
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Russia: MoF clarifies tax exemption for CFC amid treaty suspensions
The Guidance Letter No. 03-12-11/2/11449, published by the Russian Ministry of Finance (MoF) on 12 February, 2024, addresses the tax exemption applicable to profits of Controlled Foreign Companies (CFCs) situated in jurisdictions with which Russia
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Australia publishes guidelines to address amendments to thin capitalisation rules
The Australian Taxation Office (ATO) published on Friday, 10 May, 2024, a list of priority public advice and guidance topics regarding the modifications to the thin capitalisation rules. Additionally, the ATO mentioned that it will update the
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US: IRS extends tax relief for Nebraska taxpayers impacted by extreme weather
The US Internal Revenue Service (IRS), on Tuesday, 9 May, 2024, in the release NE-2024-12, declared tax relief for individuals and businesses in Nebraska affected by severe storms, straight-line winds, and tornadoes that occurred on 25 April,
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Australia introduces consultation on draft legislation to waive withholding tax for US entertainers
The Australian Taxation Office (ATO) issued a draft for public consultation on 10 May, 2024, regarding the legislation Taxation Administration (Withholding Variation for Certain Payments to US Resident Entertainers Including Athletes) Legislative
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Italy offers tax credit for investments in simplified logistics zones
Italy published Decree-Law No. 60 of 7 May 2024 in the Official Gazette on 7 May, 2024, addressing urgent provisions for the European Union's cohesion policy. This decree introduces tax credits for investments in simplified logistics zones (ZLS);
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Pakistan introduces amendments to tax appeals procedures
On Friday, 3 May 2024, Pakistan enacted the Tax Laws (Amendment) Act, 2024 (the Amendment Act). This law substantially modifies the tax appeals procedures for sales tax, federal income tax, and federal excise laws. These reforms aim to
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Singapore: 31 May deadline for FATCA & CRS reporting
Singapore's Inland Revenue Authority (IRAS) issued on 6 May, 2024, a reminder to all reporting financial institutions that they must submit their Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) returns for the 2023
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